Ashoka Refineries Limited appointed KCMG & Associates as its statutory auditor on September 2, 2026, to fill a casual vacancy. The move follows the resignation of the previous auditors, Batra Deepak & Associates.

The Board of Directors approved the appointment based on the Audit Committee's recommendation. This interim appointment is subject to member approval at the company's 35th Annual General Meeting (AGM). KCMG will hold office until the conclusion of that meeting.

Proposed Long-Term Appointment

The board also recommended appointing KCMG & Associates for a full term of five consecutive years. If approved by members at the 35th AGM, the firm will serve from the conclusion of that meeting until the end of the 40th AGM.

The appointment was made pursuant to Section 139(8) of the Companies Act, 2013. The company disclosed the change under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Auditor Profile

KCMG & Associates is a partnership firm of Chartered Accountants with over 20 years of experience. The firm specializes in accounting, statutory and internal audits, taxation, and management consultancy. The disclosure noted no relationships requiring further disclosure regarding this appointment.

Ashoka Refineries Limited accepted the resignation of M/s. Batra Deepak and Associates as its statutory auditors, effective September 1, 2026. The firm cited pre-occupation with other professional commitments as the primary reason for stepping down.

The company disclosed the development in a filing with the Bombay Stock Exchange on September 2, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Batra Deepak and Associates tendered their resignation via a letter dated September 1, 2026, stating they are unable to devote the requisite time and attention to the affairs of the company.

Audit Tenure and Transition

Batra Deepak and Associates were appointed as statutory auditors at the 33rd Annual General Meeting held on September 30, 2024. Their term was scheduled to last for five years, from FY25 to FY29, concluding after the 38th Annual General Meeting. The resignation occurs approximately two years into this five-year tenure.

Recent Audit Activities

Prior to their resignation, the auditors completed the statutory audit for the financial year ended March 31, 2026, issuing their audit report on May 29, 2026. They also submitted a limited review report dated August 13, 2026, for the quarter ended June 30, 2026.

Despite resigning as statutory auditors, Batra Deepak and Associates agreed to issue the limited review report for the quarter and half-year ended September 30, 2026. This arrangement ensures continuity in compliance with SEBI Master Circular requirements during the transition period.

No Disputes or Qualifications

The auditors confirmed that their resignation is not due to any inability to obtain sufficient and appropriate audit evidence. They explicitly stated there are no disputes or disagreements with the management of Ashoka Refineries regarding the conduct of the audit or suppression of information. No concerns were raised by the auditors prior to their resignation.

The firm will file Form ADT-3 with the Registrar of Companies within the prescribed timeframe, as required under the Companies Act, 2013.